Europe

Daimler profits double on sales of Mercedes E-class, SUVs

German automaker Daimler AG says net profit doubled in the first three months of the year as sales were boosted by the new version of the company's Mercedes-Benz E-class sedan and its SUV lineup.

Net profit rose to 2.80 billion euros ($3 billion) from 1.40 billion euros in the year-earlier quarter. Revenue rose 11 percent to 38.77 billion euros.

CEO Dieter Zetsche said in a statement Wednesday that earnings and sales would "significantly increase" this year.

The company credits strong sales of the E-Class, which can come loaded with advanced driver-assistance features, and SUVs, which bring high per-vehicle profits. Earnings were also increased by a one-time plus of 183 million euros after new investors joined the company's HERE mapping venture with other automakers and by currency exchange-rate shifts.